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Deeds of trust contain the rules by which trustees are to operate. However, what are trustees to do if one or more trustees acts in defiance of these rules? While hind sight is 20/20 the starting point has to be to not actually let a trust get into a position where one trustee can call … Continue reading
Other blogs have noted what poor bedfellows trusts and relationships make. This observation is supported by the recent decision in Spence v Lynch . Paragraph 3 of Priestley J’s decision in this case neatly setting the scene for the ultimate show down that could be paraphrased “bad things happen to bad trustees.” “[3] The relationship of the man and … Continue reading
New Zealand, land of the long white cloud, lots and lots of sheep; and just about as many trusts. What happens to jointly settled trusts when the settlors’ relationship has come to an end? Well often, not much. Literally. The settlor/trustees cannot reach agreement on anything, the independent trustee (if there is one) is either … Continue reading
Beneficiary Rights – Wednesday 10th July Presented by Vicki Ammundsen Beneficiaries are fundamental to a valid trust. Although it is common for the terms of a deed of trust to allow trustees to favour some beneficiaries over others, it is important for lawyers and accountants who advise trustees and beneficiaries to have a good understanding … Continue reading
A trust can exist independently of any deed or express arrangement. This was demonstrated in a recent case where a father was required to account to his two daughters for gifts and money they earned in a school holiday job. The case was widely reported as kids sue father for pocket money has a catchy ring to it … Continue reading
Further to the post What do you need to know about money laundering the attached article provides more insight and background into this new and complex area of law. New obligations affect lawyers_LT 821_21 June 2013
Anti-money laundering, counter financing of terrorism could be coming to a trust near you soon. The article below was published in the Law News earlier this month. Although pretty dull stuff, the message to take away is some of this stuff might apply to you. Read on (perhaps fortify yourself with a strong coffee first – there … Continue reading
Vicki Ammundsen is presenting a webinar on winding up trusts on 19 June 2013 at 10.30. The one hour webinar will be followed by 1/4 hour for Q and A. This webinar, which will include the opportunity to ask questions, refers to recent case law to canvas why, how and where trustee liability arises; and what trustees … Continue reading
This blog explores the increasing difficulties the asset rich party has hiding assets from his or her former partner in the face of judges who really want to help. The case in question (Prest v Petrodel) is a UK case, and accordingly, it is important to appreciate that the equivalent relationship property legislation includes broader powers … Continue reading
As has been discussed in a number of previous blog posts, relationships and trusts make poor bedfellows. One of the difficulties that can be encountered is that the division of property, that would otherwise fall to be determined in accordance with the Property (Relationships) Act 1976, can be somewhat less straight-forward when what you are … Continue reading
Matters of Trust 